Sir, Within the pages and pages of press comment concerning the current turmoil in financial markets no one has answered the question, why?
How can a financial institution be allowed to set the worth of non-liquid assets held on its books, where there is no published value for such an asset and nobody wishing to purchase it? This is the same as a homeowner deciding his house is worth £300,000 when the true market value is only £100,000.
How can the regulatory authorities have allowed increasingly exotic “off-balance sheet instruments” to have grown to a $65 trillion market, when only a few short years ago it was negligible, without taking any steps to regulate this unprecedented growth?
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How can a financial institution be allowed to set the worth of non-liquid assets held on its books, where there is no published value for such an asset and nobody wishing to purchase it? This is the same as a homeowner deciding his house is worth £300,000 when the true market value is only £100,000.
How can the regulatory authorities have allowed increasingly exotic “off-balance sheet instruments” to have grown to a $65 trillion market, when only a few short years ago it was negligible, without taking any steps to regulate this unprecedented growth?
Read More Article...
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